From the recent news - the Senate voted to expand the economic stimulus package with a tax credit for homebuyers of up to $15,000, a provision championed by Republicans as addressing a root cause of the recession. The much waiting hope is now oozing out as the Senate has taken decision to expand the economic stimulus package with a tax credit for homebuyers.

Now the big question arises, will it reinforce current financial situation?

However, Mr. Obama expresses his willingness to compromise but at the same time he warns to some Republican critics. “I’ve heard criticisms of this plan that echo the very same failed theories that helped lead us into this crisis, the notion that tax cuts alone will solve all our problems, that we can ignore the fundamental challenges like energy independence and the high cost of health care and still expect our economy and our country to thrive,” Mr. Obama said.

People may have mixed ideology for any critical issues. Global rescission is a matter of fact is happened due to many reasons. It is tough to figure out a single point of its inception, however, Mr. Obama stresses that only tax cut could solve the problem. Therefore, it is a high time to wait how far his determination can prove it. In addition to this he points out that the country is still thriving for the fundamental challenges like energy independence and the high cost of health care. Moreover, Senator Johnny Isakson, Republican of Georgia, a former real estate broker, who was the prime sponsor of the homebuyer credit, said it was modeled after a similar, $2,000 homebuyer incentive that helped lead the country out of recession in 1975. However, Mr. Obama is very much stern to put his efforts to build support for his signature economic stimulus plan. It is expected to counter Republican criticism of his $800 billion recovery package and take fair control of the debate.

On the other hand, Mr. Steele, who appeared on ABC’s “This Week with George Stephanopoulos,” called the Obama administration’s spending “out of balance” as he continued his brass-knuckles opposition to Democrats and their plans for the economy.

The turmoil may lead to certain good results as it is to hope, but the recent scenario says some unpredictable consequences. However, action starts but if it leads to a considerable approach to the global economy then we can say that Obama’s economic stimulus package is worthiness with its concerns. The whole world is waiting to see quick results but it may take a bit time come out with a comprehensive results.